HONG KONG, Feb 29 (Reuters) - Concrete Win Ltd, the controlling shareholder of Chinese property developer Country Garden Holdings, and Merrill Lynch International have launched a share sale worth up to $400 million, IFR reported on Wednesday.
Concrete Win and Merrill Lynch offered the shares at HK$3.16-HK$3.30, said IFR, a Thomson Reuters publication. The price was equivalent to a discount of 6-10 percent to the HK$3.51 closing price on Wednesday.
JPMorgan and Goldman Sachs were hired as joint bookrunners, IFR said, citing a term sheet of the transaction.
Country Garden issued $600 million of convertible bonds in 2008 and entered into an equity swap agreement with Merrill Lynch worth $250 million.